The Raspberry Pi has set the price bar very low for a fully functional PC, and no one has managed to get anywhere near it yet. VIA is within spitting distance though, with the announcement today of a $49 Android PC (APC) system.

Just like the Raspberry Pi, the APC ships as just a board without a case. It takes the form of a Neo-ITX motherboard that you can just plug into a TV or monitor, hook up some peripherals and start using. And it is tiny, measuring just 17 x 8.5cm.

The APC’s spec includes a VIA WonderMedia ARM 11 processor at its core, 512MB DDR3 RAM, 2GB of on-board flash storage, 4 USB 2.0 ports, a microSD slot, Ethernet port, and both VGA and HDMI display ports. As for power consumption, it tops out at 13 watts under load and 4 watts when idle.

The ARM 11 SoC being used is the WonderMedia WM8750, which runs at 800MHz, supports OpenGL-ES 2.0, and includes H.264 video encoding and 720p video playback. In other words, it’s probably going to function quite well as a cheap media playback machine or as a development board for testing Android apps if you can cope with using the included Android 2.3 OS. That’s sure to be upgradeable, though.

VIA is taking pre-orders for the APC now and hopes to start shipping the boards in early July. If you want to be ready with a case, know that the Neo-ITX form factor is compatible with both Mini-ITX and MicroATX, so you should be able to pick up a tiny and cheap case to house it easily.